September 25, 2024 – Housing.com, India’s leading full-stack proptech platform, today released findings of its IRIS (Indian Residential Index for Online Search), which showcases a significant uptick in homebuyer interest as the festive season approaches.
The latest IRIS Index report indicates a remarkable 10% month-on-month (MoM) increase in online property search activity for August 2024, pushing the index to 99 points – the highest reading since December 2023. This surge in interest does not come as a surprise to industry experts, with the festive season traditionally driving up real estate transactions in India.
Amit Masaldan, chief revenue officer, Housing.com, said, “The festive season has always been a seasonal catalyst for the real estate market. What’s particularly exciting this year is the intensity of buyer interest we’re seeing even before the core festive period begins. It’s a clear indication that the market is poised for significant activity in the upcoming festive season, starting with Navratri until December end.”
The ‘September 2024 IRIS Index Report’ from Housing.com highlights several key trends in India’s real estate market. Delhi-NCR leads in online property searches on the platform, with a notable preference for 3BHK properties priced between Rs 50 lakh and Rs 2 crore. In contrast, Mumbai’s property market shows high demand for 1BHK homes, particularly in the Rs 50 lakh to Rs 1 crore price range.
Data also show that ready-to-move-in homes remain a top priority for buyers, with 50% of searches focusing on properties available for immediate possession. The most popular price range is between Rs 50 lakh and Rs 1 crore, while 2BHK apartments are the most searched configuration at 37%, closely followed by 3BHK options at 32%.
Among Tier-2 cities, Indore stands out, experiencing a 4-point monthly increase in searches, making it the most sought-after market in this category. Jaipur, Lucknow and Vadodara top the next three positions on the index. Unlike prime residential markets where 2BHK homes are a priority for buyers primarily due to price pressure, 3BHK units are the most searched configurations in Tier-2 cities.
As the festive season kicks into high gear, Housing.com anticipates a further acceleration in market activity. Developers across the country are gearing up with attractive festive offers, flexible payment plans and new project launches to capitalise on this seasonal uptick in demand.
“The combination of pent-up demand, festive auspiciousness, and strategic developer offerings is creating a perfect storm of opportunity in the residential real estate market. We expect the upward trend in search activity to translate into robust sales figures as we move deeper into the festive period,” Masaldan further added.
Overall, the findings of the index indicate that despite rising prices, India’s housing market is anticipated to conclude 2024 on a strong note, largely fueled by robust sales during the festive season and an increase in new project launches.
Data available with Housing.com show property prices in majority of prime residential markets showed double-digit growth in the past one year. At the same time, consumer sentiment in India remains robust —on the LSEG/Ipsos PCSI survey for September 2024, for instance, India is placed at the second position after Singapore in a list of 29 countries. The monthly survey tracks consumer attitudes on local economies, personal finance, savings and investment confidence.
| Top 5 searched Localities | ||
| Locality Name | City Name | Weighted Avg. Price (INR/Sqft) |
| Noida Extension | Greater Noida | 5,000 – 5,600 |
| Andheri West | Mumbai | 27,200 – 28,000 |
| Mira Road East | Mumbai | 12,000 – 13,000 |
| Whitefield | Bengaluru | 8,800 – 9,200 |
| New Town | Kolkata | 6,500 – 7,000 |
Source: Housing.com Research
| Most Searched Cities | ||||
| Rank | City | Rank | City | |
| 1 | Delhi NCR | 11 | Lucknow | |
| 2 | Mumbai | 12 | Vadodara | |
| 3 | Bengaluru | 13 | Coimbatore | |
| 4 | Kolkata | 14 | Patna | |
| 5 | Ahmedabad | 15 | Bhopal | |
| 6 | Hyderabad | 16 | Surat | |
| 7 | Chennai | 17 | Goa | |
| 8 | Pune | 18 | Nagpur | |
| 9 | Indore | 19 | Kochi | |
| 10 | Jaipur | 20 | Guwahati |
About Housing.com’s IRIS Index
The IRIS Index tracks buyer activity across 42 key residential markets in India, offering unparalleled insights into online search trends, buyer preferences, and market dynamics. By analyzing both buyer interest (property views and searches) and buyer intent (enquiries and online purchases), the IRIS Index provides a comprehensive view of the Indian residential real estate landscape.
For more information and to access the full IRIS Index recent report 2024, please visit – https://new.housing.com/research-reports
